Spain's unemployment rate dropped to 10.61% in the fourth quarter of 2024, a decrease from 11.21% in the previous quarter and slightly better than the market consensus of 11.1%.
Spain jobless rate hits fresh 2008-lows
This marks the lowest unemployment rate since Q2 2008. The number of unemployed individuals fell by 158,600 to 2.596 million, while employment rose by 34,800 to 21.86 million. The total number of active workers declined by 123,800 to 24.45 million. In terms of gender, male employment decreased by 3,800, whereas female employment increased by 38,700. By nationality, the number of employed Spaniards, including those with dual nationality, rose by 14,800, while employment among foreigners grew by 20,000.
Services record job gains
Job gains were seen in the services sector (24,000 more jobs), industry (7,000), and agriculture (3,200). Construction saw only a slight increase of 600 jobs.
